Texmaco Rail acquires balance 50% stake in UGL Rail Services

Texmaco Rail & Engineering, one of the leading heavy engineering companies in the country, Tuesday entered into definitive documentation to purchase the entire shareholding of UGL Rail Services, Australia in Texmaco UGL Rail for a nominal aggregate consideration of Rs 1.

Pursuant to the acquisition of the aforesaid shares, Texmaco UGL Rail, which was a  50:50 joint venture between the company and UGL Rail Services, will become a wholly owned subsidiary of the company.

Shares of the company declined Rs 0.4, or 0.35%, to trade at Rs 113.20. The total volume of shares traded was 11,438 at the BSE (1.59 p.m., Tuesday)